FYI - NAICS codes are not updated in ProSeries 2020

[janglemyer]

Example:  On Schedule C when entering the principal business code, ProSeries shows code 113000 for Forestry and Logging.  This code is not current.  The correct code should be 113310.  ProSeries doesn't even have a 113310 code available.

Client was denied the PPP loan because of the incorrect code.  

[Just-Lisa-Now-]

That Business Code list in PS is so clunky and terrible to find anything in, I dont even use it anymore, so much easier to pull the code from he NAICS website.

[IRonMaN]

If the loan was really denied for that reason, your client needs to find a more customer friendly bank to work with.

[ihan1]

Hello,

ProSeries' Principle Business Activity codes are based on the Schedule C Government instruction. Please see the instruction page 17 for the detail.

[TaxGuyBill]

As was pointed out by ihan, NAICS codes don't go on Schedule C.  The IRS asks for Principal Business Codes (which are based on NAICS, but are more broad), which are listed in the Instructions.

[Just-Lisa-Now-]

They really need a more efficient way to search through the codes in ProSeries.

[TaxGuyBill]

Yeah.  I look up the NAICS code to get the first 3 or 4 digits, then I scan through the list to look for those first 3 or 4 digits.